Massive Global Pet Coke Market to Grow Even Bigger while Conflict over Environmental Safety Continues
The global petroleum coke market is growing at a CAGR of 8.5% from 2014 to 2020. Its value in 2013 was US$13.288 billion and it is expected to reach US$24.117 billion by 2020. The market is in the midst of an interesting migration of sorts. Most of the demand from the global petroleum coke market is now arriving from the East and the Middle East, while the demand for the same is reducing in the West.
The global petroleum coke market can be segregated into two types: calcined pet coke and fuel grade pet coke. Of the two, fuel grade pet coke is vastly more useful than calcined pet coke, allowing it to maintain market dominance over a long time. Fuel grade pet coke has been considered as a cheaper alternative to coal and natural gas with a higher calorific value return. The downside, however, is the massive emissions of carbon dioxide on burning pet coke.
Browse Petroleum Coke Market Report with Full TOC at http://www.transparencymarketresearch.com/petroleum-coke-market.html
Niche Uses of Petroleum Coke
The key end users of petroleum coke include manufacturers of paints and colorings, fertilizers, and paper, along with blast furnaces, concrete kilns, and power plants. Of these, concrete kilns and power plants are the fastest growing segments in the global petroleum coke market. Calcined coke is predominantly used in manufacturing anodes in titanium, steel, and aluminum smelters. Green coke, as raw pet coke is often called, possesses a significantly low amount of sulfur and metals, and thus can be used to produce anodes. The other form of green coke contains a high amount of sulfur and metals and is used for burning.
The Rise of the Pet Coke Market in the East
The key regions in the global petroleum coke market are currently Asia Pacific and the Middle East. For instance, Indian buyers in the global petroleum coke market are currently being approached by Saudi petroleum manufacturers that are selling pet coke at a lower price than their U.S. counterparts. The end users of pet coke in India are currently riddled with offers of high-sulfur pet coke from Saudi pet coke makers. The India market for imported fuel, on the other hand, remains largely lackluster and is growing at a sluggish pace. One of the key reasons the market in India is not growing as quickly as possible is the high price expectations of pet coke makers in selling the raw materials.
Pet Coke Gasification and its Advantages
The single greatest disadvantage that the global petroleum coke market has to show is the environmental impact pet coke has when burned. Although there is little to no ash formed upon combustion, the quantities of carbon dioxide formed are classified as dangerous. The EPA, for instance, has made it tougher to gain permits for the use of pet coke since 2013. Statistically speaking, large refineries in the U.S. can provide more than 7,000 tons of pet coke in a day. To solve the issue of using this vast quantity of pet coke without gravely affecting the environment, pet coke gasification is considered as a popular choice. The process effectively cuts down the carbon dioxide emissions while burning pet coke and should therefore be added as an integral step in the value chain of the global petroleum coke market.
Browse Press Release
While the uses of pet coke remain the same, we can see that there is a great need for changing the method of use of pet coke. Eastern markets will still show a heavier use of the global petroleum coke market, only with the added precautions in tow.